That's kind of the thing... I don't see this as a bottom 10 team, not a lock for one of the worst in the league anyway. On the cusp? Maybe, but looking at another non-top 3 pick.
So the ideal is not to tank a la Buffalo but not shoot themselves in the foot by icing a lineup you know won't contend but has "decent" players that will keep the ship from going under in the short term but who would not be part of the Leafs' long term plans/choose to move on soon anyway.
The free agents that the Leafs have signed scream TANK. They are truly place holders to get Toronto through the next couple of years while Toronto's prospects develop in the AHL. This is the ideal scenario but I really do not think we "The Leafs Nation" will be able to handle the pain. P A Parenteau is probable a great person but he is probable in a position to fail (huge). We are weak at forward, weak at defense, and average in goal. We are a weaker team than we were last year with Kessel. It was painful last year finishing bottom 4. It is going to be more painful this year finishing bottom 2 and then potentially picking #5 due to the new draft lottery.
Babcock is a great coach. The worst thing he can do is coach this team to a less attractive draft pick. This team really needs a Top 5 pick again in 2016 for the long term rebuild. The worst scenario is to finish outside the playoffs with a #10 - #14 overall pick.
We now have a quandary. The worst the team performs, the more the value of assets depreciate. Bozak was a 50 point center with Kessel. He is probable a 40 point center without Kessel. His value is only going to drop. Dion's value is going to drop with each loss as he is going to be the whipping boy. Similar for Gardner. Lupul is what he is; a 20 point injury prone 50 game former star with an albatross of a contract similar to Clarkson. His value is already negative.
Now what are the options:
1) Retain the three players and hope that they are tradable assets at the trade deadline at the likely risk of having their value depreciate dramatically.
2) Trade them now and have the team tank to dead bottom.
Bozak today is probably worth a late 2nd/early 3rd round pick. If he puts in a 40 point season as a Top 2 center his trade value will drop.
Phaneuf today may be worth a late 1st round pick, a "B - Status Prospect" and a roster 3rd pairing defenseman (likely requiring salary retention by Toronto). If he is not traded he will get the "Larry Murphy treatment" by the intolerant Leaf Nation. His value will drop to a late 2nd round pick and a "C - Status Prospect".
In the case of Kessel we traded him at the start of free agency and signed a roster player (Parenteau) through free agency. In fairness Parenteau is not Kessel's replacement. Parenteau is simply a roster spot filler. Now we do not have free agency available to replace Bozak or Phaneuf with roster players.
We are likely to start the season with all three players and have little asset value at the trade deadline. By picking up Marincin, Hunwick, and Harrington, Shanahan may have already stockpiled potential roster spot replacements for Phaneuf. None of these players can replace Phaneuf's value to the team but each can fill the #6 defenseman roster spot. I hope that Phaneuf is traded over the summer to get as much asset value as possible.
Why do we not have a new GM; because Shanahan has to gut this team and send it backwards before it can improve. Any GM responsible for tearing the team apart would have his reputation (to the fickle Leafs Nation) tarnished by the bottom feeder team he will have produced. Shanahan has to tear this team down before turning it over to a good GM to rebuild.